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Goldman Sachs sells Colombia coal unit to Murray Energy at steep loss

Aug. 14, 2015 8:02 AM ETThe Goldman Sachs Group, Inc. (GS) StockGSBy: Carl Surran, SA News Editor2 Comments
  • Goldman Sachs (NYSE:GS) is selling its Colombian mining operation to privately-held Murray Energy at a substantial loss, marking the end of the bank’s foray into the production of raw materials.
  • Murray reportedly closed the deal for less than $10M after Goldman spent more than $600M on the operation.
  • The deal includes two mines, more than 184M tons of coal reserves, a coal port facility, a stake in a railroad, 11 locomotives, 530 railcars and other assets.
  • Goldman had come under heavy political and regulatory pressure in recent years to get out of risky commodity businesses, particularly those involving the ownership of assets.

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